September 18, 1996
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N. W.
Washington, D. C. 20549
Re: Hibernia Corporation
Current Report on Form 8-K
Commission File No. 1-10294
Dear Sirs:
Pursuant to rules and regulations adopted under
the Securities Exchange Act of 1934, as amended (the
"Act"), transmitted hereby for filing, on behalf of
Hibernia Corporation (the "Company"), is a Current Report on
Form 8-K.
Pursuant to Section 13(a) of the Act, by copy hereof we
are filing with the New York Stock Exchange, the national
securities exchange on which the Common Stock of the
Company is listed and traded, two complete copies,
including exhibits. Pursuant to General Instruction E to
Form 8-K, such complete copy being filed with the Exchange
has been manually signed on behalf of the Company.
Please call the undersigned at (504) 533-2486 if you
have any questions concerning this filing.
Very truly yours,
/s/ PATRICIA C. MERINGER
Patricia C. Meringer
Senior Vice President
and Corporate Counsel
PCM/gbp
Enclosure
cc: Joseph Lomnicky
Ron E. Samford, Jr.
Stephen D. M. Schuetz
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 18, 1996
__________________
September 17, 1996
Hibernia Corporation
(Exact name of issuer as specified in its charter)
Louisiana 1-10294 72-0724532
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
organization)
313 Carondelet Street, New Orleans, Louisiana 70130
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (504) 533-
2486
Page 2
Item 5. Other Events.
On September 17, 1996, the Registrant announced that its third quarter
results will reflect a $15 million negative loan loss provision, a $5.7
million securities loss and other charges. The Registrant also announced
that it anticipates third-quarter 1996 earnings of approximately $.22
per share.
EXHIBIT INDEX
Exhibit Page
Number Description Number
28.30 News Release issued by the Registrant 3
on September 17, 1996
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
HIBERNIA CORPORATION
(Registrant)
By: /s/ PATRICIA C. MERINGER
Patricia C. Meringer
Corporate Counsel and
Secretary
Date: September 18, 1996
Page 3
EXHIBIT 28.30
NEWS RELEASE
HIBERNIA
For Addional Information For Release
IMMEDIATE
September 17, 1996
MEDIA INQUIRIES:
Jim Lestelle -- Manager,
Corporate Communications
Office: (504) 533-5482;
Home: (504) 488-8826
INVESTOR INQUIRIES:
Dana Combes -- Manager,
Investor and Government Relations
Office: (504) 533-2180
Home: (504) 895-8480
HIBERNIA WILL REPORT REDUCTION IN LOAN RESERVES AND
SECURITIES SALE, EXPECTS THIRD-QUARTER EARNINGS OF $.22 PER SHARE
NEW ORLEANS, LA -- Hibernia Corporation today announced that it
anticipates third-quarter 1996 earnings of approximately $.22 per
share. Per-share earnings of $.29 reported for the third quarter of
1995 would have been $.20 on a fully tax-effected basis.
Third-quarter results will reflect a $15 million negative loan
loss provision, a $5.7 million securities loss and other charges,
including asset write-downs related to technological enhancements and
additions to reserves for health care benefits and other expenses.
The negative provision, which reduces loan loss reserves, reflects
Hibernia's continued strong asset quality.
"After the negative provision, our loan loss coverage of nonperforming
loans will still be approximately 680%, which keeps us in the top quartile
of our peer group of 19 strong regional banking companies," said Stephen
A. Hansel, president and CEO.
The company also announced the third-quarter sale of $200 million in
securities carried as assets held for sale, resulting in a $5.7 million
pre-tax loss. Proceeds from this sale will be re-invested into higher-
yielding securities and loans, which will enhance future earnings and
improve an already-strong net interest margin. It is anticipated that the
loss will be fully offset by higher earnings over 18 months or less.
Third quarter results will be announced Oct. 15, 1996.
With the anticipated fourth-quarter completion of pending mergers
with $406-million-asset Texarkana National Bank in east Texas and $254-
million-asset St. Bernard Bank & Trust Co., in suburban New Orleans,
Hibernia would have approximately $8.9 billion in assets. Hibernia then
would have 199 banking locations in 29 Louisiana parishes and two Texas
counties. it would be either first, second or third in deposit market
share in 24 of these parishes and first in one Texas county. Hibernia's
Louisiana markets represent approximately 88% of the state's population
and deposits. Its Louisiana market share would be almost 19%.
The company's common stock (HIB) is listed on the New York Stock
Exchange.
_______________________________________________________________________
For information 24 hours a day by fax, call 800-207-9063
Internet address:http://www.hiberniabank.com
